(2)Any profits and gains arising from the deemed transfer mentioned in sub-section (1) by the specified entity shall be—(i)deemed to be the income of such specified entity of the tax year in which such capital asset or stock-in-trade, or both, were received by the specified person; and(ii)chargeable to income-tax as income of such specified entity under the head "Profits and gains of business or profession" or under the head "Capital gains".
